Sage-allen, Addis-dey Complete Merger

Merger Move By Sage-allen Now Complete

Hartford-based Sage-Allen, one of Connecticut's last independently owned department store companies, no longer is independent.

The 102-year-old retailer has completed its previously announced merger with Addis-Dey Inc., of Syracuse, N.Y., the two companies announced Monday.

Each company will continue to operate under its own name, but each is a subsidiary of a new corporate parent, Sage-Dey Inc. The combined company operates 18 stores.

Sage-Allen has 11 stores in Connecticut, Massachusetts and New Hampshire. Addis & Dey has seven stores in New York state.

John E. Toler Jr., Sage-Allen president and chief executive officer, has assumed the additional responsibilities of president and chief executive officer of Addis & Dey and Sage-Dey. He will relocate to the parent company's headquarters in Syracuse.

"The synergy created by the combination of the companies will strengthen the competitiveness and appeal of each chain in their respective markets," Toler said in a statement. "In addition, the strong financial support provided by GE Capital and Wilmorite provides a sound footing on which to operate the company."

Sage-Dey will be owned by affiliates of GE Capital, a financial institution, and Wilmorite Inc., a real estate development firm.